Axe swings at Volvo

Volvo's truck division is cutting 2400 jobs

Swedish truck maker Volvo says it's cutting 2400 jobs in addition to 2000 cuts the company, a leader in the global truck sector, announced in October.

Sales fell by 9 per cent from the 2012 level to 272.6 billion kronor ($50.7 billion) last year, the group said.

The truck market is closely linked to economic activity.

Net profit fell by two thirds to 3.8 billion kronor.

The job cuts affecting management, administrative staff and consultants are part of a restructuring launched in September.

At the end of last year, the company had 95,500 people on its payroll and employed nearly 15,000 consultants.

-AAP